Forex Technical Analysis: Trend potential – Remain neutral temporarily.


Technical observation

On the chart above the price is trading with an increasing bearish bias slightly above the supportive zone 1.0410-1.0372, this bearish movement is a correction to the zone I have mentioned above and I expect a possible rejection of price within it followed by a surge to the upper side. My advice, remain flat temporarily and wait for a correction to the zone mentioned above then buy a bounce within it with your take profit at 1.1134 and stop-loss at 1.0124. If there is a clear break above the level 1.1134 with a big green candle, I expect the value of this pair to ascend further towards the key level 1.1679 or higher to 1.2353.

Trade recommendation

Remain flat temporarily.

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